Don't wait to start paying off what you owe, because otherwise what you owe will hold you back, Suze Orman, personal finance expert and best-selling author of "Women & Money," tells CNBC Make It. "Debt is bondage," she says. "You will never, ever, ever have financial freedom if you have debt."
You should aim to eliminate debt as soon as possible, Orman says, but not just because it costs you money. The side effects of debt can affect other important parts of your life, keeping you from earning more and getting what you want, professionally.
"When you are in debt, you feel it," Orman says, and "your boss can feel that," too. In essence, "you render yourself powerless."
Carrying debt can make you feel out of control and dependent on other people: "You walk into an interview and you need that job because you have to pay for your debt."
That's a problem because "powerlessness repels people, and people control money," Orman says.